Anthony Scaramucci, founder of major investment firm Skybridge Capital, predicted a bitcoin price target of $170,000 in the current cycle during an appearance on bitcoin-still-has-room-to-run.html”>CNBC Closing Bell.
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NEW: Skybridge's Anthony Scaramucci says twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The halving is not yet included in the price.
He predicts “$170,000 for this cycle.” pic.twitter.com/0uE4EAmwgS
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1777256546390442107?ref_src=twsrc%5Etfw”>April 8, 2024
Scaramucci has been a strong supporter of bitcoin, and Skybridge has invested heavily in bitcoin. He cited growing institutional and mainstream adoption as key drivers of bitcoin's growth.
The prominent financier and former White House Communications Director highlighted the huge impact of SEC-approved bitcoin spot ETFs in unlocking billions in new investments this year. He favorably compared the more than $10 billion in bitcoin ETF inflows in the first quarter to the slower adoption of early gold ETFs.
Scaramucci also talked about the upcoming bitcoin-magazine-dot-com&utm_term=bitcoin-magazine-digital&utm_content=2024_halving_press_release”>bitcoin Halving Event, which will reduce daily supply and potentially dramatically impact prices. He believes the market has not priced in the halving, predicting a reduction in supply.
Although volatile, Scaramucci emphasized bitcoin's inflation hedging ability over a 4-year investment horizon, touting his digital gold narrative. He sees potential for bitcoin's market cap to reach 50% of gold's valuation.
Scaramucci has been an avid bitcoin advocate, and Skybridge took an early institutional interest in bitcoin. The company led a high-profile initiative to offer bitcoin exposure in 401(k) retirement plans, underscoring its commitment.
Despite some widespread skepticism over the years, Scaramucci has maintained a long-term bullish outlook on bitcoin as an emerging digital store of value. He cites generational wealth transfers and bitcoin-friendly demographics as a scenario for massive growth.
Scaramucci also addressed the collapse of FTX, its impact, regulatory issues, and his optimism regarding the future maturation of the bitcoin industry.
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